Page 11: of Maritime Reporter Magazine (September 1994)

willing to act as a lender of last resort if the operator was willing to grant the lender a minority equity interest to help offset some of the risk in the transaction.

The majority of financing done today is still with conventional loans. As one of the speakers at a recent conference on vessel financ- ing in Seattle, I summarized the lending policies of 14 marine lend- ers. The survey showed that lend- ers active in marine loans today have become much more focused on the markets they want to serve and the type of vessels they are willing to lend against. Presentations were also made by the federal Maritime

Administration (MarAd). Mar Ad fi- nancing offers the longest terms in the industry today (typically over 20 years), normally at a below-market rate, but not without its cost. One of the operators at the conference dis- cussed their last MarAd loan pack- age and said that MarAd is a viable choice, but the economics have to be right to put up with the reporting and fee requirements. The pricing and terms offered by conventional loan sources in the market place are attractive enough to question whether MarAd financing makes sense. It all depends on the operator's goals and needs.

The key is to know who to go to for a loan.

Once the right lender has been found, use the tools described above to get a project funded.

Today, lenders are doing every- thing they can to retain good busi- ness.

Some lenders may help custom- ers find an alternative funding source or participating loan requests with other lenders if they can't pro- vide the financing themselves, to retain the customer's loyalty.

Providing exceptional customer service has taken on a new meaning for doing business in the '90s. . .. a COMSAT operator.

Anytime at all, 24 hours a day, every day.

Anywhere in the world you may sail. They're standing by to help you in any way they possibly can.

Courteously. Tactfully. Professionally. And, most of all, at no charge!

COMSAT operators are the only team of operators in the Inmarsat system dedicated to working around the clock to personally assist you in every way possible. From placing your person-to-person calls to helping you conduct business at sea, they are always there to help you.

In fact, many people at sea have come to think of COMSAT operators as a "friendly voice from home" that they can always count on.

And in a real emergency, you can always count on highly trained COMSAT operators such as Suzanne Loetz of our Santa Paula facility. Suzanne recently sprang into action to get quick rescue assistance to a cargo ship sailing near Indonesia after she received an urgent distress call saying the ship had been boarded by armed pirates.

Plus . . . you can always count on

COMSAT operators to help you with seivices that can maximize the efficiency of your communications: • FREE Time and Charges • FREE Operator Assistance • FREE Translation Assistance in Over 140 Languages • 56/64 kbps Call Assistance • Telex Group Calls • Credit Card Billing • Global Telex Switching Services

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Whatever the situation, COMSAT's operators are ready and anxious to help you. During an emergency . . . helping you conduct business ... or just making sure you are never out of touch when you are out at sea.

Unlike other providers, we don't provide you with mere switching services or electronic voices. We provide you with real, live people whose only job is to help you.

COMSAT service. It's what we're all about... in every situation. 4COMSAT

MARITIME SERVICES 1 -800-424-9152 (Toll Free in the U.S.) 22300 COMSAT Drive, Clarksburg, MD 20871

Outside the U.S.: +1-301-428-2379 13

No Matter How Far Out to Sea You Go,

There's Always Someone WhoAs Ready and Anxious to Hear From You • ..

Dredging Feasibility Study

For Jacksonville Harbor

The Jacksonville Port Authority (JAXPORT) and the U.S. Army

Corps of Engineers, Jacksonville

District, have taken an important step towards deepening Jackson- ville's harbor from 38 ft. (11.5 m) to 42 ft. (13 m).

Corps District Engineer Col.

Terrence C. Salt and JAXPORT

Chairman Mark Hulsey signed a

Feasibility Cost Share Agreement.

Mr. Hulsey presented Col. Salt with a $58,000 check from the Port

Authority to begin the dredging fea- sibility study.

JAXPORT will provide more than $1.1 million in cash and in-kind services through 1999, matching the federal government's contribu- tion of the same amount.

The Feasiblity Cost Share Agree- ment specifies the types and amounts of funding to be provided each year by the federal govern- ment and JAXPORT during the study, which will take about five years to complete.

The study will investigate and recommend solutions to water re- source problems.

The cost-to-benefit ratio of a po- tential project will be examined to determine whether sufficient justi- fication exists for federal participa- tion in funding such a harbor deep- ening project.

The scope of the study runs from the channel entrance at Mayport to the Matthews Bridge and encom- passes all JAXPORT terminals. "We are beginning the most sig- nificant expansion in our port's his- tory," said Mr. Hulsey, referring to the 20-year, $934 million port de- velopment program adopted by

JAXPORT's board of directors. "Deepening the harbor is critical to that expansion and to the future success of our port. A deeper har- bor will allow us to accommodate the larger vessels in the trade today as well as those that will be built over the next decade," continued

Mr. Hulsey.

Industry experts believe containerships will be built in the next few years that will be capable of carrying 5,000 20-ft. containers, and will require a channel depth of more than 40 ft. (12 m).

Other companies operating in the harbor from about two dozen pri- vate terminals would also benefit from the harbor deepening.

September, 1994